""CoreLogic"":http://www.corelogic.com has announced a new set of services designed specifically to address the anticipated increase in refinance activity expected from revisions to the Home Affordable Refinance Program (HARP).
[IMAGE] The redefined program, recently announced by the Federal Housing Finance Agency (FHFA) and dubbed HARP 2.0, was introduced to assist qualified underwater homeowners in refinancing their mortgages.
Many lenders are expected to look to third-party providers to help them manage the expected spike in mortgage refinancing.
CoreLogic says its ""new HARP 2.0 offerings"":http://www.corelogic.com/HARPServices will combine the company's data and analytics with experienced teams of outsourcing professionals to improve operational pull-through.
The California-based company explained that the new service line will help to identify HARP-qualified borrowers in order to enhance lenders' retention and acquisition efforts and fulfill day-to-day workflow requirements for underwriting, closing, and post-closing auditing and quality control.
CoreLogic will supply HARP-specific teams, available as staff augmentation or full-component outsourcing, as part of the service.
Using proprietary predictive analytics, CoreLogic's solution will assist lenders in determining how much of a volume increase they are likely to see due to HARP 2.0.[COLUMN_BREAK]
The company says lenders will be able to gauge the likelihood and potential success of imminent refinance activity, staff accordingly, and improve results by employing transaction-based outsourcing to help meet retention and acquisition targets.
""Over the past few years, mortgage companies have really been fighting a battle on two fronts,"" said Scott A. Brinkley, SVP of outsourcing and technology solutions for CoreLogic.
On one front, origination volumes have been down as the economy struggles to rebound, Brinkley explained, while on the other front, servicers are wrestling with complex regulations and compliance issues in the default space.
""The combination of these two realities has created operational strain on many organizations,"" Brinkley said. ""We've positioned our service offerings in a manner that will allow us to seamlessly integrate our solutions within a lender's decisioning and work-flow processes to help them better manage these spikes and spend more time and energy focusing on their core business operations.""
CoreLogic HARP 2.0 services will provide logic-based analysis for portfolio segmentation of the entire HARP-eligible population. Using additional data layers, such as searches for voluntary and involuntary lien information, lenders can also gain greater clarity into their market opportunities and streamline the closing process.
According to Kevin Wall, SVP of business and information services for CoreLogic, the introduction of HARP 2.0 will place an additional capacity strain on an already taxed origination model.
""Difficulty maintaining a balanced infrastructure during this turbulent and uncertain market will test lenders' ability to realize the overarching benefits of the program,"" Wall said. ""Our solutions will assist lenders in identifying and prioritizing HARP-eligible borrowers and provide the capacity to move them effectively through the refinance process.""